Finance

Finance SUB-COMMITTEE

FUNCTIONS & AUTHORITIES

To review at regular interval the financial position of the Association, and make regular reports and recommendations to the Executive Committee.

Manage the cash balances of the Association and to raise funds for the Association.

When deemed appropriate, to invest funds and to manage all investments from time to time so comprised, with full to make changes provided that no investment shall be made in anything other than in fixed deposits with licensed finance companies and in government securities.

To cause to be prepared an annual budget and to submit such budget to the Executive Committee before the beginning of the year for approval.

To monitor periodically all income and all expenditure, and to call for details with thought fit, and to advise the Executive Committee of any major variation against budgets or other major factor which ought to be brought to its attention.

To be responsible for effecting and maintaining all appropriate insurance policies and to submit to the Executive Committee for decision, any question of policy relating to insurance, and to submit to the Executive Committee a summary of the cover force.

To cause the Association’s annual accounts to be prepared and audited by the Association’s auditors so as to enable the same to be submitted to the delegates at the Annual General Meeting.

To submit recommendations to the Executive Committee from time to time on the terms and conditions of service of employees of the Association.

To perform such other functions as may be delegated to it by the Executive Committee.

To interpret and to administer and enforce the Rules of Amateur Status, to give decisions thereon (if necessary after consulting the Royal & Ancient Golf Club of St. Andrews) and to make such arrangements as it deems appropriate for the Publication of the Rules and Decisions.

To keep a record of persons who have lost their amateur status and persons who have been reinstated.

To carry out its functions in accordance with policy decisions approved by the Executive Committee and if necessary to prepare a budgets to be approved by the Executive Committee and to report any deviations therefrom.

To make regular reports to the Executive Committee and to keep the Executive Committee fully informed.

To perform such other functions as may be delegated to it by the Executive Committee.